In the second quarter of 2025, the Italian market for non-residential real estate and sales of shops and offices is on the rise across the country. Office turnover is increasing in major cities, especially in Milan, and retail purchases are rising in Rome and Turin. The study on the real estate landscape was conducted by the Revenue Agency Observatory in the second quarter of 2025 and published in September.
During this period, the real estate market recorded a general increase in sales, up 5% year-on-year. The overall increase in volumes is across the board, from the tertiary-commercial sector, which shows growth of more than 6%, to agricultural properties, up 9.5%, and to the other uses sector, which shows an increase of 4.1%.
In large cities, shop turnover increased by 2.7% compared to the second quarter of 2024. Rome and Turin are on the rise, both above 8%, as are the markets of Palermo and Florence, which, although less significant in terms of size, recorded increases of more than 9%. Shop turnover in the large city market as a whole increased by 7.6%, driven primarily by increases in Rome, almost 25% higher than in the second quarter of 2024, and Turin, up approximately 18%. The trend in other cities remains positive.
Volume growth is also evident in offices, where the sales market is growing by 4.2%, particularly in large cities, especially Milan, which has thus halted the previous negative trend. Indeed, the second quarter of 2025 saw an increase in office sales, with approximately 3,500 units exchanged, distributed almost equally between provincial and non-provincial municipalities, representing a 3.7% increase. Transaction growth is widespread across all geographic regions of the country, particularly in the Center and South, where the annual growth rate is +3.4%. The Northern areas, which account for the largest share of the market, show the most modest changes, as do the Northeast and Northwest. The total surface area of office space sold, up 3% nationwide, shows increases in line with their respective volume changes in the Islands, Northeast, and Northwest.
In the same tertiary-commercial sector, there is also an increase in sales of properties for public offices, including episcopal and parish offices, for credit and insurance institutions, and for hotels.
